JSW Group on Tuesday said it has signed a pact with South Korea-based POSCO Group to develop a 5 MTPA plant in India and to explore opportunities in battery materials and renewable energy sectors.
"JSW Group has signed a Memorandum of Understanding (MoU) with the POSCO Group outlining a framework for collaboration in steel, battery materials, and renewable energy sectors in India," JSW Group said in a statement.
Both parties will also explore collaborations in the areas of battery materials related to Electric Vehicles (EVs), and renewable energy for meeting the captive requirements of the proposed integrated steel plant, the statement said.
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"This MoU with POSCO marks a significant step forward in our journey to contribute to the Indian steel industry. As one of the world's fastest-growing economies, India presents tremendous opportunities for sustainable growth, and our partnership with POSCO strengthens JSW's commitment to drive that transformation.
"Together, we aim to set a benchmark in technology and sustainability that can shape the future of manufacturing in India and beyond," said Sajjan Jindal, Chairman of JSW Group.
The partnership will focus on setting up an integrated steel plant in India with an initial capacity of 5 million tonnes per annum (MTPA).
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"This collaboration will contribute significantly to the economic development of Korea and India and drive our joint efforts towards a more eco-friendly and sustainable future," Chang In-hwa, Chairman of POSCO, said.
JSW's leading manufacturing presence and strong project execution capabilities, combined with POSCO's technological excellence, would create a strong platform for developing cutting-edge solutions for the Indian steel and energy sectors," Chang In-hwa added.
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